Safety & Security With Cryptocurrency Services

Safety & Security With Cryptocurrency Services

Reading Time: 4 minutes  The world of bitcoin and cryptocurrency is new and there is risk. There are many cryptocurrency services on the internet and many more coming online. Many have good intentions and unfortunately many have bad intentions. There is also the scenario where you use a good intentioned service that has attracted bad intentioned users. I can understand if you are hesitant about using many services and with justified concern. So we are going to look at the risk points of the services we may use so we can make a more informed decision about the risk. Being aware of things to consider will help you protect your funds. I have personally lost coins and had close calls along with watching a number of scams and opportunists try to prey on the unwitting. So hopefully this experience will help us reduce the potential risk. In this post we are going to focus on being safe with using 3rd party services. Not all services are equal, as some are taking full control of your funds and others are pushing the boundaries of the technology to provide you with more peace of mind.   Objectives – Some quick ways to research services – Things we can do to protect ourselves   Research Potential Service Providers Find some information on the service you want to use so you know something about who you are working with. Try CrunchBase.com to see if they have the service in their database and if they do, they often have some good information and history on people. This will provide an indication of how transparent...
I Want to Buy Bitcoins

I Want to Buy Bitcoins

Reading Time: 3 minutes  So you want to buy some bitcoin, but not sure where to start? No problem, lets look at some options on how to buy bitcoin. Be aware that if this is your first time it could take a few hours, or it could take a couple of weeks. Please don’t let this discourage you, it is going to depend on your personal situation as to how long this takes. The technology is still new and being accepted and “on ramps” are still being built. When buying bitcoin for the first time, you need to consider the options available in your country and local area. – Finding people locally might be sparse or abundant. – Bank deposits or transfers may be instant or take 5 days. – Many places do not take credit cards as the funds are easily reversible, where Bitcoin transactions are not. – Online exchanges may require “KYC” “Know Your Customer” information like photo ID’s and copy’s of bills. Verification of people and accounts can take time. Keep these things in the back of your mind, as it may frustrate you, but it is part of the learning process and the second time will be easier 😉 Exchanges This is a large and complex area. Not all exchanges are equal. Some specialize in different areas, some have different KYC requirements and user interfaces can also vary a lot as well. For this post we really want to focus on exchanges that will allow us to buy bitcoin with government issued fiat. International wire fees for sending money add up quickly, so finding local...
Potential Income Sources

Potential Income Sources

Reading Time: 3 minutes  How am I going to make this “magic internet money?!”. Good Question, and here are the areas I already have experience in and will post more details as we go along. Not all of these options are going to be for everyone, but I’m going to explore a number of them as best I can. As the technology evolves I expect that opportunities will also evolve and come and go. Affiliate Marketing Affiliate marketing is a very popular system in general. You can receive a commission for referring people to a product or service. There are already a wide range of opportunities out there and together we will explore more. Advertising There are some advertising platforms that solely work with bitcoin already. You can be an Advertiser or a Publisher and pay or receive income from using these services. You may have a site where you have advertising space you want to place ads, or you could be wanting to target crypto currency users and send out ads to bring people into your site. Selling Products & Services You can either have an existing e-commerce site or want to start a new one. If you want to add crypto currency to your payment options or you would like to start a store where you accept crypto currency only, then there are some great options out there. There are gateway providers with easy and advanced API options and plugins ready for Content Management Systems like WordPress. We may also explore new platforms for selling that are using peer-2-peer and blockchain technology. There are some interesting projects...

What is a Bitcoin Address?

Reading Time: 2 minutes  Good question, I’m going to do my best to keep it simple. So please keep in mind that there are a lot more aspects and things to consider if you want to dig deeper. Note: Please do not send funds to the following address as these details are in the public domain, it is for demonstration only. There are 2 parts and they are normally managed by your wallet software; – A public address eg. 1MsHWS1BnwMc3tLE8G35UXsS58fKipzB7a – A private key eg. 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAbuatmU Click on the public Bitcoin address above to see all the transactions that have taken place on this address. 1MsHWS1BnwMc3tLE8G35UXsS58fKipzB7a A Bitcoin address is a unique identifier that you can publicly share which allows you to receive Bitcoins. It is made up of 26-35 alphanumeric case sensitive characters, beginning with the number 1 or 3, that represents a possible destination for a Bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. Sharing the public address is safe. People can not take your Bitcoins, they can only send them to you with this address. Different cryptocurrencies normally need a different address specific to that currency. A private key is a secret code which allows you to prove control of the Bitcoins in the associated address. The address and private key is normally saved in the wallet that controls the balance. Do not share your private key with anyone. Keep your private key backed up in a safe place. If you loose your private key or it becomes public knowledge then the address you have shared with other people is...

What is Cyrptocurrency and Why I Think it Matters

Reading Time: 1 A cryptocurrency or crypto currency is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies typically feature peer-2-peer decentralized control and a public ledger commonly know as the “block chain” which records transactions. Alternative cryptocurrencies launched after the success of bitcoin are frequently called altcoins like litecoin, dogecoin or blackcoin. Cryptocurrency is challenging and changing the way we think about and use money. Our new digital culture of faster with less boundaries will keep pushing this internet wide social and financial experiment. It has the potential to change the way business is done. Some will be ready for the change and others will resist it to their own detriment. This new version of e-commerce that is emerging, may come to be known as crypto-commerce. It is not just boarder-less transactions or low fees, but the responsibility that comes with the new system. Digital contracts will help to uphold honest transactions. Investing and credibility are going to change and be more accountable. Experimenting and learning now will prepare us for the adventure...